Property sale overhaul welcomed with caution

The proposed overhaul of the home buying and selling process has been welcomed, with caution, by one of the region’s leading agents.

Head of sales and lettings at Balfours, Alistair Hilton, says the restructuring of the sale process is well overdue, however cautions that it is likely to be some time off in reality. “The Renters Reform Act, finally received Royal Assent recently, after some two years, ping-ponging between the House of Commons and Lords.

Alistair continues: “The fact is that pre 2007 sale transactions were taking just four to six weeks to complete. If not completed in three months, the chances were the sale would fall through. Today it is taking just over six months, even searches can take ten weeks and often vendors and buyers are shackled by a chain. As a result, the fall through rate is far higher, with often life’s curved ball meaning situations change too.”

He says the average sale fall through has reached a high of one in two, up from one in four back in 2007. To address this the starting point is a verbally binding legal agreement, however, to enable such an agreement all information will need to be disclosed by the vendor prior to marketing.

“The concern is how much damage continues to be done to the market while the system is renovated. My advice to vendors is while painting in preparation to a sale might appear important, to prepare prior paperwork is key.  Once the promised overhaul is implemented this should bring us closer to the Scottish property sale system and would free up people to move more quickly,” he adds.

Pictured Alistair Hilton, head of sales at Balfours